A Moment of felicitation of some successful entrepreneurs ...afconline.gov.in/document/ar_2014-15.pdf · Increase in the standard loan portfolio and continuous effort put by the AFC

A Moment of felicitation of some successful entrepreneurs of theCorporation on the Foundation Day Celebration Programme

A Moment of oath taking by the employees of the Corporation on theFoundation Day Celebration Programme

Annual Report2014-2015

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Contents

n Highlights 2

From the Managing Director's desk 3

Board of Directors 5

Principal Officers 6

Address of Offices 7

Notice to Shareholders 8

Report of the Board of Directors 10

Principal Bankers 16

Auditor's Report 22

Comments on Auditor's Observation 25

Balance Sheet 29

Profit & Loss Account 30

Cash Flow Statement 31

Schedules 32

Disclosure Requirement as per SIDBI's guidelines 44

Sources and Uses of Fund 46

Index to Annexures 48

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n Micro Finance Operation 72


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HIGHLIGHTS

* MSME INCLUDING CRE**TOTAL CUMULATIVE SANCTION ( 2083.76 LAKHS)- TOTAL LAPSE ( 620.00 LAKHS)= EFFCETIVE SANCTION ( 1463.76 LAKHS)` ` `

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in lakhs`

POSITION OF THE PRINCIPAL PORTFOLIOS DURING THE LAST THREE YEARS

CUMULATIVE POSITION OF PRINCIPAL PORTFOLIOS IN LAST THREE YEARS


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From The Managing Director's Desk

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It is my pleasure to present an account of Assam Financial Corporation's working during the

financial year 2014-15. Notwithstanding sluggish economic environment the Corporation has been

able to sustain its revival by registering a net profit of 2.31 lakhs for 9 consecutive year. The

substantial decline in net profit in comparison to previous year is attributable to revision of pay to the

employee and due to additional provisioning of few new NPA accounts.

Loan sanction amounted to 1273.36 lakhs during the year and the total disbursement amounted

to 1618.58 lakhs.

Total recovery of loan declined marginally to 1514.89 lakhs from 1563.54 lakhs in the previous

year.

The total income of the Corporation increased by 9.94% with an increase in interest income by

26.70% in comparison to the previous year.

Net Worth of the Corporation stood at 3081.54 lakhs as on 31.03.2015 from 3370.47 lakhs as on

31.03.2014.

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Increase in the standard loan portfolio and continuous effort put by the AFC on recovery from

NPA loans during FY 2014-15 have resulted in maintaining Gross NPA at 35.69% as on 31-03-2015 as

compared to 34.57% as on 31.03.2014. But, Net NPA has increased to 16.56 % as on 31.03.2015 as

compared to 9.08 % as on 31.03.2014. It has been the primary concern of the Corporation to maintain

asset quality and during the year under review, the Corporation put in place a revised old NPA

settlement policy.

During the year, 20 employees were promoted to various higher grade.

The development of the Corporation has been reflected by enlargement of sanction and

disbursement during the last several years. It is also evident from our profit which is consecutively for

ninth year.

We have made progress, but we have more to do. We will continue to take decisive action to

strengthen and grow our Corporation in sustainable way with our long term vision to deliver more

customer - friendly products and services to our clients in a professional manner. The Corporation has

been receiving support and guidance from all quarters in general and Government of Assam and

SIDBI in particular, and hope that it would continue in the years to come to enable us to achieve our

objectives.

Sd/-

Managing Director(Anwaruddin Choudhury)

BOARD OF DIRECTORS( F.Y. 2014-15)

Shri Utpalananda Sarmah, IAS (Retired)CHAIRMAN

Up to 12-11-2014

Shri Satya Narayan SahuRetd. General Manager,

United Bank of IndiaDIRECTOR

Shri Swaminathan MallikarjunGeneral Manager, SIDBIGuwahati Regional Office

DIRECTOR

Shri Ashim BhuyanSenior Divisional Manager, LICI

Guwahati Divisional OfficeDIRECTOR

Shri Debeswar Malakar, IASManaging Director

up to 25-05-2015w.e.f. 01-01-2015

Shri Imdadul Haque, IAS,Secretary, Finance

DirectorGovt. of Assam

Shri Ramesh Chand Jain, IAS,Managing DirectorUp to 01-12-2014


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Dr. Anwaruddin Choudhury, IASManaging Directorw.e.f. 07-07-2015


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LIST OF PRINCIPAL OFFICERS OF THE CORPORATIONFOR THE FY 2014-15

Sri Dilip Kumar BoraDeputy General Manager

(Personnel & Administration, Accountsand Co-ordination of Branch Offices)

Sri Kesareswar GoswamiManager (Legal)

Sri Lalit Kumar GogoiManager (Recovery)

up to 30-09-2014

Sri Mrigen SharmaDeputy General Manager

i/c of Guwahati Branch Officeup to 19-02-2015

Sri Gopal Prasad Guptai/c, DGM, Recovery & Legal and

Manager (Internal Audit & NPA Cell)

Sri Krishna KantaMazumdar

Manager (Accounts)

Sri Anutpal BhattacharyyaSenior Branch Manager

Jorhat Branch Office

Sri Rubul PhukanDeputy General Manager

(Recovery, Legal & MF&NB Branch)up to 30-06-2014

Mrs. Kalpana Saikia DassManager (Legal, GBO)

Sri Khalequez ZamanManager (Administration)

up to 31-01-2015

Shri Hiranya SaikiaSenior Branch Manager

Tezpur Branch Office

Sri Robin Ch. DuttaDeputy General Manager

(Central Loan Processing Cell)

Sri Fayek AzadManager (Guwahati Branch Office)

Sri Dilip GoswamiManager (CLPC / MF & NB / BDB)

Sri Ashim Kr. TalukdarSenior Branch Manager

Bongaigaon Branch Office

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Sri Hari Prasad BorahManager (Accounts)

ADDRESS OF OFFICESHEAD OFFICE Managing Director

GUWAHATI BRANCH OFFICE The Deputy General Manager"Vittiya Bhawan", Ground Floor, Mobile : 98599-16505Md. Shah Road, Paltanbazar,Guwahati -781 008, Assam.

MICRO FINANCE & NEW The Deputy General Manager"Vittiya Bhawan", Ground Floor, Mobile : 98599-16507Md. Shah Road, Paltanbazar,Guwahati -781 008, Assam.

JORHAT BRANCH OFFICE The Senior Branch ManagerMalow Ali Mobile : 98599-16508Jorhat-785001 (Assam)

TEZPUR BRANCH OFFICE The Senior Branch ManagerSouth Hazarapar (Near Agriculture Mobile : 98599-16516Colony), Tezpur-784001 (Assam)

BONGAIGAON The Senior Branch ManagerBarpara, Main Road Mobile : 98540-28761Bongaigaon - 783 380,Assam.

TINSUKIA BRANCH OFFICE The Branch ManagerNamghar Road, Bordoloi Nagar, Mobile : 98599-16518Tinsukia - 786 125, Assam

DIBRUGARH The Branch ManagerJiban Phukan Nagar Mobile : 98599-16517PO: CR Building,Dibrugarh-786003, Assam

NAGAON BRANCH OFFICE The Branch ManagerRKB Road, Christian Patty, Mobile : 98599-16512Nagaon-782001, Assam

SILCHAR BRANCH OFFICE The Branch ManagerAshram Road, Mobile : 98599-16514PO: Vivekananda Road,Silchar-788007, Assam.

NALBARI BRANCH OFFICE The Branch ManagerHajo Road, 1st Floor, Mobile : 98540-28762Pragati Nursing Home complex,Nalbari-781335, Assam.

LAKHIMPUR The Branch Manager

AGARTALA FIELD OFFICE Officer-in-chargeColonel Chowmohani Mobile : 097740-87760Agartala-789001 (Tripura West)

IMPHAL FIELD OFFICE The Assistant -in-ChargeHotel Excellancy Complex Mobile : 094366-12983Sega Road (Airport Road)Imphal-795001 (Manipur)

Tel: 0361-2739839/2633658

Email:[email protected] &[email protected]: www.afconline.gov.in

Tel: 0361 2739839/2633658.

Tel: 0361 2739839/2633658.BUSINESS BRANCH

Tel: 0376-2320462(Near Telephone Exchange)

Tel: 03712- 220761

Tel: 03664- 230478BRANCH OFFICE

Tel: 0374 -2339857

Tel: 0373-2313601BRANCH OFFICE

Tel: 03672-233830

Tel: 03842-266914

Tel: 03624-220593

Tel: 03752-222564BRANCH OFFICE

Tel: 0381-2324662

Email: [email protected]

NORTH

Vittiya Bhavan fax : 0361-2519859Md. Shah Road, Paltanbazar,Guwahati - 781008. Assam

e-mail: [email protected]

OFFICEe-mail: [email protected]/[email protected]











Officer -in-chargeAssam Financial CorporationAllabhabad Bank BuildingCentral Market, Sivasagar (Assam)

K.B. Road, Ward No. 12 Mobile : 98599-16519North Lakhimpur-787001

SIVASAGAR SATELLITEOFFICE


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ASSAM FINANCIAL CORPORATIONA joint Financial Corporation for the States of Assam, Meghalaya, Manipur & Tripura

(Incorporated under the State Financial Corporations Act, 1951)

Phone: 0361-2633658, 2739839 : Fax: 0361-2519859 : E-mail: [email protected] : [email protected]

Head Office: “VITTIYA BHAVAN”M. S. ROAD, PALTANBAZAR, GUWAHATI – 781 008

No. AFC/AGM-61/2015-16/563 Dated Guwahati, July 09, 2015

NOTICE

NOTICE is hereby given that the 61 (Sixtyfirst) Annual General Meeting of theShare Holders of Assam Financial Corporation will be held on

at the Head Office of the Corporation at “Vittiya Bhavan”, M. S. Road, PaltanBazar, Guwahati-781008, Assam, to transact the following business:

1. To read and consider the Audited Balance Sheet and Profit & Loss Account andCash Flow Statement of the Corporation for the year ended March 31, 2015together with the Auditor's Report thereon and a Report of the Board ofDirectors on the working of the Corporation during the FY 2014-15.

2. To appoint Statutory Auditors of the Corporation for the FY 2015-2016.

The Share Register of the Corporation will remain closed and registration of transfersuspended from July 22, 2015 to July 31, 2015 (both days inclusive).

By order of the BoardGuwahati,July 09, 2015 Sd/-

MANAGING DIRECTOR

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Friday, July 31, 2015 at

11.30 a.m.

NOTES:

1. Certified copies of the resolution appointing duly authorized representatives by companiesetc. should reach the Head Office of the Corporation at Guwahati not later than 4 (four) cleardays before the date fixed for the Annual General Meeting i.e. on or before the July 26, 2015.

2. Proxies should reach the Head Office of the Corporation at Guwahati not later than 7 (seven)days before the date fixed for the Annual General Meeting i.e. on or before the July 23, 2015.

3. List of Share Holders of the Corporation will be available at the Head Office of theCorporation at Guwahati, at a price of Rs.5.00 per copy three weeks before the date fixed forthe Annual General Meeting.


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REPORT OF THE BOARD OF DIRECTORS

TO THE SHAREHOLDERS

REPORT OF THE BOARD OF DIRECTORSTO THE SHAREHOLDERS


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Dear Shareholders,

OPERATIONAL HIGHLIGHTS:

SANCTION & DISBURSEMENT

Board of Directors of the Assam FinancialCorporation (AFC) has great pleasure inpresenting the 61 Annual Report on theperformance of the Corporation together withthe Audited Accounts for the year ended 31March, 2015.

The Corporation continued its lending out ofits fund generated through recovery as well asfund received from Govt. of Assam. During theyear the Corporation received 46 nos. ofapplications involving an amount of 2014.80lakhs and sanctioned an amount of 1045.60lakhs to 42 nos. of applicant as against 1772.39lakhs Sanctioned to 65 nos. of applicant in theprevious year. The MSME sector continues tooccupy a significant proportion in the totalsanction of the Corporation similar to previousyears. Further, against the previous year'sdisbursement of 1773.39 lakhs the Corporationcould disburse an amount of 1335.82 lakhs.Under CM's Micro Finance Scheme theCorporation during the year has sanctioned anamount of 227.76 lakhs to 3 units anddisbursed an amount of 282.76 lakhs againstsanction of 55.00 lakhs and disbursement of

25.00 lakhs in the previous year.

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Performance in Sanction and Disbursement in Last Three Years (Including MicroFinance and Axom fund loan)

RECOVERY PERFORMANCE

During the FY 2014-15 the Corporationcontinued its effort to maximize recovery ofdues. The total recovery was 1514.89 lakhs asagainst 1563.54 lakhs in the previous year. Thetotal principal collections during the year are

802.98 lakhs as against the previous yearprincipal collections of 994.78 lakhs. Theinterest recovery rose to 689.13 lakhs duringthe year under review from 543.92 lakhs in theprevious year registering a growth of 26.70 %over the previous year. In addition to the abovethe Corporation could recover an amount of

22.78 lakhs out of prudentially written off loanaccounts as against the previous year recoveryof 24.84 lakhs.

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RESOURCES

NET PROFIT

The resource base of the Corporation mainlycomprises of recovery, equity, soft loan fromGovt. of Assam and refinance from SIDBI.However, during the year the Corporationcould not access refinance from SIDBI nor anyequity or soft loan support from Govt. of Assam.

The Corporation has been able to maintain itsprofit earning trend for 9 consecutive year byearning a nominal profit of 2.31 lakhs duringthe year 2014-15 in comparison to the previousyear profit of 5.17 lakhs. However, this profithas not been adequate to absorb the adjustmentmade on account of past liabilities resulting intoincrease of the accumulated loss to 337.32lakhs during the year. The net profit in thecurrent year has been decreased due to revisionof pay to employees and additional provisioningon account of slippage of loan accounts.

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grew by 29.03 % to 697.55 lakhs from 540.60in 2013-14. The growth in interest income wasmainly due to increase in loan portfolio. On theexpenditure side it may be observed that thetotal expenditure increased to 1168.08 lakhsfrom 1059.36 lakhs in the previous year due toemployee's interim pay revision as per ROP ofGovt. Assam

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and additional provisioning onaccount of slippage of loan accounts.

NETWORTH

The Net Worth of the Corporation has beendeclined to 3081.54 lakhs as on 31.03.2015 from

3370.47 lakhs as on 31.03.2014 due to increasein accumulated loss.

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The Capital to Risk Weighted Assets Ratiostands at 50.42 % as on 31.03.15 compared to60.78% as on 31.03.14.

CAPITAL ADEQUACY (CRAR)INCOME AND EXPENDITURE

The total income of the Corporation during2014-15 grew by 9.94 % to 1170.39 lakhs from

1064.53 lakhs in 2013-14. The interest income`

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PORTFOLIO QUALITY AND NPA STATUS

Standard Assets have gone up by 11.92 % to4186.67 lakhs in 2014-15 from 3740.61 lakhs

in 2013-14. However, the Non-performingassets have increased from 1975.93 lakhs in theprevious year to 2323.93 lakhs in 2014-15showing an increase of 17.61 %. Though, therewas a substantial increase in standard assetsportfolio as well as recovery of dues from NPA,the gross NPA has not come down which ismarginally increased to 35.69 % as on 31.03.2015from 34.57% as on 31.03.2014. The net NPA alsoincreased to 16.56 % as on 31.03.2015 from 9.08%as on 31.03.2014 due to slippage of assets.

Provisions against loans & advances andasset classification are made in accordance withextant guidelines of SIDBI for State FinancialCorporation.

The table below depicts comparative assetwise classification of loans & advances positionfor the FY: 2014-15 with FY: 2013-14.

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Standard 4186.67 3740.61Sub-standard 916.77 171.07Doubtful-I 58.12 244.63Doubtful-II 8.97 55.00Doubtful-III 694.74 772.45Loss 645.33 732.78TotalAssets 6510.60 5716.54

Class ofAssets As on 31-03-2015 As on 31-03-2014

TREASURY OPERATIONS

PLANTATION FUND

AUDIT COMMITTEE

MAN-POWER

HUMAN RESOURCE DEVELOPMENT

DEVELOPMENT

The Corporation during FY 2014-15 continuedto invest short term surplus fund judiciously inSTDR with various Banks and mutual fundsthrough its Board constituted InvestmentCommittee. During the year income fromtreasury operations was 262.32 lakhs asagainst 383.78 lakhs in 2013-14.

The Governor of Assam in exercise of powerconferred by sub-section (3) of section - 8 of theAssam Agricultural Income Tax Act 1939 hasintroduced the Plantation Development FundScheme Assam; vide Finance (Taxation)Department Notification No. FTX/20/94/79dated 17th November, 1994. The income earnedby the Corporation during FY 2014-15 stood at

10.55 lakhs.

The Corporation has a Audit Committee ofthe Board consisting of three Directors of theBoard under the Chairmanship of a non- executiveprofessional Director. The Committee met twotimes during FY 2014-15 and reviewed theInternal Audit Report, action taken status onInternal Audit Report as well as the half-yearlyand annual financial statements.

6(six) employee retired from service onattaining superannuation. Total manpowerstrength of the Corporation as on 31.03.2015stood at 152 nos. The total manpower strengthcomprises of 11 nos. of women employees ofwhich 7 nos. are at the Officers level and the restare working as support staff in various offices ofthe Corporation.

During the year external training wasimparted to 11 (eleven) nos. of employees ontopics covering like "Motivating Self & Othersfor higher performance", "Leadership andPeople Development", " Strategic Thinking andDecision Making" etc. With a view to motivatethe employees 20 nos. of officers/employeeswere promoted to various grade during theyear.

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SUMMER TRAINING

BRANCH NETWORK

RIGHT TO INFORMATION ACT

SHARE HOLDING PATTERN OF THECORPORATION AS ON 31.03.2015

The Corporation continued to provide SummerTraining facilities as a part of its CorporateSocial Responsibility and during the year 12 nos.of Graduates and Post Graduate managementstudents of different Universities/ Institutionsetc. completed their projects under the guidanceof officers of the Corporation.

The Branch and Field Offices position of theCorporation as on 31-03-2015 was as under:

1. Dy.G. M. level Branch: 2 nos.

2. Senior Branch Manager level Branch : 4 nos.

3. Branch Manager level Branch: 5 nos.

4. Field Office: 2 nos.

5. Satellite Office: 1 No.

During the year 2014-15 the Corporationreceived 7(seven) nos. of applications seekinginformation on various aspects under RTI Actand all the applications were disposed of duringthe year under review.

BOARD OF DIRECTORS

1. CHAIRMAN:

2. MANAGING DIRECTOR:

MICRO FINANCE ACTIVITY

The Board of Directors of the Corporationmet 4(four) times during the year 2014-15 totransact various business of the Corporation.

Sri Utpalananda Sarmah, IAS (Retd.) continuedas the Non-Executive Chairman of theCorporation for the 2 year in succession till12-11-2014.

Sri Ramesh Chand Jain, IAS, acted as ManagingDirector of the Corporation with effect from23.12.2013 to 01-12-2014. Thereafter, Sri DebeswarMalakar, IAS joined the Corporation on 01-01-2015as per Govt. order and he continued as ManagingDirectorupto25-05-2015.

During the year under review the followingchanges took place in the Board of Directors ofthe Corporation.

The following are the Directors who left theCorporation during FY:2014-15:

1. Sri Utpalananda Sharma, IAS(Retd) asChairman;

2. Sri Rahul Rohatgi, General Manager, SIDBI,Guwahati

The following are the new Directors whojoined the Corporation during FY:2014-15:

1. Sri Imdadul Haque, IAS, Secretary, Finance,Govt. of Assam;

2. Sri Satyanarayan Sahu, Retired GeneralManager, UBI;

3. Sri Ashim Bhuyan, Senior DivisionalManager, LICI;

4. Sri S. Mallikarjun, General Manager, SIDBI,Guwahati;

The Board places on record its appreciation forthe valuable services rendered by the outgoingDirectors. There is no women directorrepresenting the Board of the Corporationduring the FY:2014-15.

During the year, the Corporation continued tosupport Micro Finance Institutions (MFIs)under CMMF scheme. The amount of loansanctioned and disbursed during the FY. 2014-15 stands at 227.76 lakhs and 282.76 lakhs in

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comparison to 55.00 lakhs and 25.00 lakhs inthe previous year. As against the micro financefund of 1000.00 lakhs received from Govt. ofAssam, the cumulative sanction anddisbursement stands at 2083.76 lakhs and1463.76 lakhs as on 31-03-2015. The institutionsare regular in repayment of loan to theCorporation. The repayment of Govt. fund isalso regular along with payment of interest. TheCorporation has repaid an aggregate amount of

600.00 lakhs out of the total corpus of 1000.00lakhs received from GoA besides interestpayment of 93.68 lakhs as on 31-03-2015.Mention may be made that the micro financelending during the last three years hassubstantially declined after imposition ofrestriction on NGO-MFI from carrying outmicro finance activities. However, many ofNGO-MFIs who earlier availed assistance fromt h e C o r p o r a t i o n h a v e s u b s e q u e n t l ytransformed to Non Banking Finance Company(NBFC) or Sec-25 Company to become eligibleto avail MF loan from the Corporation.Therefore, a fresh proposal was submitted to theGovt. in the last year to provide more fund to thetune of 2000.00 lakhs for expansion of microfinance activity by the Corporation all over thestate. Meanwhile, about 23000 womenbeneficiaries have got assistance under the ChiefMinister's Micro Finance Scheme as on 31-03-2015. It is expected to provide financial assistanceto more than 50,000 women beneficiaries all overthe state under the 2000.00 lakhs proposalsubmittedto the Govt.of Assam.

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MICRO FINANCE BENEFICIARYASSISTED UNDER CMMFS

The Corporations aggregate sanction and

disbursement amount in respect this fund is

160.00 lakhs and 50.00 lakhs only up to FY.

2014-15. During the year the Corporation could

not sanction & disburse any loan under the

scheme. The Corporation has earmarked

sanction and disbursement target of 100.00

lakhs and 100.00 lakhs respectively for FY :

2015-16.

During the year 2014-15 revenue earned from

non fund based activities had not been very

encouraging similar to the previous year as the

Corporation could earn an amount of 3.61

lakhs only against 3.06 lakhs earned in the

previous year due to the reason that major third

party works related to Remote Village

Electrification programme carried out in last

several years came to an end in the FY : 2013-14.

On the other hand, the new proposals submitted

by the Corporation to various agencies did not

materialize in the year under review. However,

it is worthwhile to mention that the Corporation

from the ending of FY: 2013-14 has started to

carry out Capital Investment Appraisal of self

financed projects for Central Capital Investment

Subsidy under NEIIPP-2007 as per the guideline

of the Ministry of Commerce & Industry, Govt.

of India on payment of fee. The Corporation has

carried out Investment Appraisal of 12 projects

in FY: 2014-15. Based on the number of enquiries

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AXOM FUND SCHEME

NON FUND BUSINESS ACTIVITIES

MICRO FINANCE BENEFICIARYASSISTED UNDER CMMFS


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and proposals received it is anticipated that the

Corporation would be able to earn sizable

amount of non-fund based revenue in the

subsequent years.

The Corporation's primary focus in 2015-16

would be on term lending to MSME sectors as its

core business activity. The Corporation has not

received any budgetary support form Govt. of

Assam during the financial year 2014-15. The

Corporation has therefore moved the state govt.

with a request for continuation of Budgetary

support in the form of soft loan and equity to the

Corporation to sustain its future growth. The

Corporation has set a sanction target of 35.00

crore and disbursement target of 30.00 crore

during the FY 2015-16 which will be enhanced as

and when fund in the form of financial support is

received from Govt. of Assam. The Corporation

has taken steps to revise the lending policies and

procedures as per changing requirements from

time to time. During 2015-16, the Corporation

would continue its effort to identify new business

opportunity with due focus on Micro Finance and

other non-fund business activities. The

Corporation would continue its endeavour to

recover maximum amount from NPA accounts

and prevent slippage from standard assets to

reduce the level of NPA and to ensure overall

improvement inprofitability.

The AG's audit team completed the audit ofaccounts of the Corporation for the FY: 2013-14in terms of Section 37 (6) of the SFCs Act, 1951.As recommended by the Reserve Bank of Indiaunder Sec. 37(1) of SFC's Act the Corporation in

its 60 Annual General meeting held on 31 July,2014 reappointed M/S Apurba Banerjee & Co.,Chartered Accountants, Ashram RoadGuwahati as Statutory Auditor of theCorporation for the FY 2014-15 to conduct auditof the books of accounts of the Corporation. The

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STRATEGY FOR THE FINANCIAL YEAR2015-16

STATUTORY AND AG'SAUDIT

Auditors have audited the accounts of theCorporation along with financial statements forthe financial year 2014-15.

The Corporation has been ensuringtransparency, fairness and accountability in allits dealings. NPA loan settlement policy, Lendingpolicy are well in place and being up dated/reviewed from time to time as per changingrequirements. The Corporation has designatedState Public Information Officers/ Asstt. PublicInformation officers and Appellate Officers forthe Head Office as well as for all Branch Offices ofthe Corporationfor attending RTImatters.

The Directors wish to place on record theirappreciation for the continuous guidance andsupport received from the Government ofAssam and the SIDBI. The Board is extremelygrateful to the Govt. of Assam for extendingequity support from time to time which helpedthe Corporation in mobilizing resources atconcessional rate. The Board also places on recordits appreciation for the guidance and cooperationreceived from the Finance (Economic Affairs)Department, the Public Enterprises Department,Industries & Commerce Department and otherOrganizations of the GoA. The Board expressesits profuse gratitude to the shareholders, otherstake holders and all our valued customers fortheir continued trust and unflinching support allthe times. The Board acknowledges the high levelof commitment and dedication put in by theofficers and Staff of the Corporation during theyear.

CORPORATE GOVERNANCE:

ACKNOWLEDGEMENTS:

FOR AND ON BEHALF OF THE BOARD

Sd/-(Anwaruddin Choudhury, IAS)

Managing DirectorPlace : GuwahatiDate : 31.7.2015

PRINCIPAL BANKERS


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STATE BANK OF INDIA

PUNJAB NATIONAL BANK

BANK OF BARODA

IDBI BANK


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A Market Complex unit assisted by AFC at Jagirod

A Modern Biscuit Manufacturing unit assisted by AFC at Hojai


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An Aluminium Utensils Manufacturing unit assisted by AFC at Howly

A Hotel unit assisted by AFC at Lakhimpur


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A Packaged Drinking Water Project assisted by AFC at Naharkatia

A Paper Bag Manufacturing unit assisted by AFC at Bongaigaon

A Hotel cum Restaurant unit assistedby AFC at Biswanath Chariali


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Micro Finance Beneficiary assisted by AFC underChief Minister's Micro Finance Scheme

STATEMENT OF ACCOUNTSFINANCIAL YEAR 2014-2015

APURBA BANERJEE & CO.CHARTERED ACCOUNTANTS

NESSA MANSION (2ND FLOOR)Ashram Road, (Opp. Ulubari Bazar)Guwahati – 781007Phone: (0361) 2450483Email : [email protected]

ToThe ShareholdersAssam Financial Corporation“Vittiya Bhavan”, Md. Shah RoadPaltan Bazar, Guwahati -781008

Independent Auditor's Report

1. We have audited the attached Balance Sheet of Assam Financial Corporation Guwahati as atMarch 31, 2015, and Statement of Profit and Loss for the year ended on that date.

2. These financial statements are the responsibility of the Corporation's management. Ourresponsibility is to express an opinion on these financial statements based on our audit.

3. We conducted our audit in accordance with the auditing standards generally accepted in India.Those standards require that we plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from any material misstatements. An auditincludes examining on a test basis, evidence supporting the amounts and disclosures in thefinancial statements. An audit also includes, assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overall presentation ofthe financial statements. We believe that our audit provides a reasonable basis for our opinion.

4. On the basis of our audit, subject to audit limitations indicated in paragraph 3 above andfurther to our comments in the Annexure attached herewith, we report that :

a) We have obtained all the information and explanations, which, to the best of ourknowledge and belief were necessary for the purposes of our audit.

b) In our opinion, proper books of accounts have been kept by the Corporation so far asappears from our examination of those books;

c) The Balance Sheet and Statement of Profit and Loss dealt with by this report are inagreement with the books of account;

5. In our opinion and to the best of our information and according to the explanations givento us, the said accounts read with the notes thereon and in particular subject to ourobservation given in the Annexure, give the information required by the State FinancialCorporations Act, 1951 as amended by the State Financial Corporation ( Amendment)Act, 2000 and are properly drawn up in the manner so required and give a true and fairview, in conformity with the accounting principlesgenerally accepted in India;

(a) In case of the Balance Sheet, of the state of affairs of the Corporation as at 31stMarch 2015 and

(b) In case of Statement of Profit and Loss of the Profit for the year ended on that date.

AND

c) In the case of Cash flow Statement, of the cash flow for the year ended on that date

Guwahati01/07/2015


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ANNEXURE

SYSTEM OF ACCOUNTING, INTERNAL CONTROL SYSTEM AND INTERNAL AUDIT

Fixed Assets

Loans and Advances and NPA Provision

(v)ADVANCE PAYMENT OF TAX

(i) The day to day transactions of the Corporation are recorded on cash system of accounting. Inorder to account for income and expenses on mercantile basis, provisions are made at the end ofthe year for income and expenses on the basis of information and estimates available. The valueof securities under possession is accounted on realization instead of adjusting at the time ofprovisioning of bad debts.

(ii) The Corporation has a system of Internal Audit run by its own personnel. Our examination of thereports submitted by the Internal Auditor indicates proper examination and follow up ofaccounts at the branch level. However, the system needs to refocus on accounting of fixed assetsand classification of Loan Assets on the basis of prudential norms.

(iii)

(a) Till year ended on 31.3.2008 in case of disposal of fixed assets the Corporation eliminated only therealized value of the assets from financial statements and did not recognize gain or loss arisingfrom disposal of fixed assets in Statement of Profit & Loss, which practice was contrary to theAccounting Standard 10 Accounting for Fixed Assets issued by ICAI. Due to this practicefollowed by the Corporation till 31.3.2008, both the gross block and the net block are overstated/under stated to the extent of loss/gain on disposal of assets. As a result the depreciationprovision during the year is also erroneous, which is not in accordance with AS 6 DepreciationAccounting. In absence of sufficient information, effect of this practice on the value of assets andthe correct depreciation is not quantified by the management. Moreover, estimated life of assetsis not ascertained by the Corporation. However, due to the lack of details, quantification and itsimpact on the Profit and Loss and Balance Sheet of the Corporation could not be ascertained..

(b) A computer was purchased on 12/12/2014 by the Tezpur Branch Office for Rs 28,350/- howeverthe same has been classified under buildings in Schedule H of the financial statements, resultingin undercharging of depreciation by Rs 14,175 along with understatement of Profit andoverstatement of Fixed Assets by such amount.

(c) Corporation has not properly maintained the record of fixed assets to exhibit complete details ofgross and net value, item wise original cost, accumulated depreciation and depreciation for theyear including quantitative details and location of fixed assets.

(d) There is no specific program for physical verification of fixed assets as compared to the bookrecords, however, as explained to us, the Internal audit Team verifies the Fixed Assets from timeto time.

(iv) :

a) As per page no 4 of Minutes of Board meeting held on 23/03/2015, the board specifically orders toinitiate recovery proceedings under SARFAESI Act or Sec 29 of SFC Act against Shiva Enterpriseand Shri Shri Ganesh Industries loan accounts held by Jorhat Branch and Tezpur Branch Officerespectively. However these accounts have been classified as Sub- Standard Assets and DoubtfulAssets Class -1

a) The T.D.S for the year FY 1988-89 was Rs 10,43,480/-. However the balance of the same asappearing in schedule I of the financial statements for the year 2014-15 has been shown as Rs1,03,480/- suggesting the receipt of the balance amount of Rs 9,40,000/-. However, as per our


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observation and as explained to us, no such amount has been received or written off during thefinancial year. This amount of Rs 9,40,000 has been wrongly added to current years T.D.S of Rs28,13,561/- which adds up to Rs 37,53,561/-.

b) In the absence of latest Form 26 AS statement which presents a summary of the total tax deductedfrom the corporation, we are not able to comment on the correctness of the total figure of taxdeducted at source appearing at Rs 37,53,651/- in schedule I of the balance sheet.

The corporation has not produced to us any balance confirmation certificates, interest certificatesin respect of Fixed Deposit accounts from banks in which it has made term deposits. Hence weare not able to comment on the correctness of these figures appearing on the financial statements.

Our scrutiny of the bank reconciliation statement of Head Office reveals that following pendingitems that have been credited or debited by the bank have not been brought into the books as ofdate. Some of these entries relate to a period of 3 months or greater. Such delay in our opinion is tobe considered as un-reasonable and should have been adjusted within the financial year itself.

1) Rs 3,23,643 dated 31/12/2014

2) Rs 1,00,000 20/11/2014

3) Rs 59,547 20/11/2014 .

a) Proper accounting entry for raising bill to NIELIT, Punjab National Bank and BSNL towards rentrecoverable from them have not been passed in the books of accounts. Such income is recognizedon receipt basis by crediting the Other Income ledger which is net of the Tax Deducted at source.The TDS deduction are adjusted at the year end from records in Form 26AS. In so doing the TDSdeduction from rent for the year has been shown under Interest on Fixed Deposits, resulting inunderstatement of rental income by the amount of TDS so deducted.

The treatment of rental income is also not in accordance with AS-19.

(vii)INTEREST ON BANK DEPOSITS, INTEREST RECEIVABLE ON FIXED DEPOSIT, FIXEDDEPOSITS (CORPORATION FUND, PLANTATION DEVELOPMENT FUND SCHEME ,1994)

(viii) OTHERS

a) Bank reconciliation statement

Bank of Baroda

b) Income from House Rent

Debited in bank but not in Book

Credited by bank not in books

Guwahati01/07/2015 For Apurba Banerjee & Co.

Chartered Accountants(FRN : 314106E)

Sd/-Apurba Banerjee, Proprietor

MRN : 051628

24

COMMENTS OF THE CORPORATION ON THE OBSERVATIONS MADE BY THE STATUTORYAUDITORS ON THE ACCOUNTS OF THE CORPORATION FOR THE F.Y. 2014-2015


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ANNEXURE-B


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A S S A M F I N A N C I A L C O R P O R A T I O N

BALANCE SHEET AS AT MARCH 31, 2015


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Sd/-

For Apurba Banerjee & Co.Chartered Accountants

(FRN : 314106 E)Sd/-

Apurba BanerjeeProprietor

MRN : 051628

Sd/-

29


PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2015


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Sd/-

For Apurba Banerjee & Co.Chartered Accountants

(FRN : 314106 E)Sd/-

Apurba BanerjeeProprietor

MRN : 051628

Sd/-

30

CASH FLOW STATEMENT (Rupees )



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Sd/-For Apurba Banerjee & Co.

Chartered Accountants(FRN : 314106 E)

Sd/-Apurba Banerjee

ProprietorMRN : 051628

Sd/-

31

Place : Guwahati (R.C.Dutta) (I. Haque, IAS)Date :15th June, 2015 ManagingDirector ,I/C Director

For and on behalf of Board of Directors



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AS

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A S S A M F I N A N C I A L C O R P O R A T I O NSchedule 'M'

ACCOUNTING POLICIES

General

Method of Accounting

Income Recognition

Asset Classification and Provisioning

Appropriation of Recoveries

1. The financial statements have been prepared under historical cost convention, by following goingconcern concept and conform to the statutory provisions of State Financial Corporations Act, 1951and practices, unless otherwise prescribed. ( AS 1 ).

2. The Corporation has prepared its accounts on accrual basis and as going concern concept.

3. The Cheques and other negotiable instruments received on the borrowers accounts are credited assoon as the receipts are acknowledged.

4. All income on Loans and Advances have been recognized in accordance with the guidelines onPrudential Norms on Income Recognition as prescribed by SIDBI from time to time.

5. In accordance with the guidelines on Asset Classification and Provisioning prescribed for StateFinancial Corporations by SIDBI, the Corporation has classified all loans and advances intoStandard, Sub Standard, Doubtful and Loss category and the provisioning is made as under.=

Standard Assets -

(i) MSME 0.25

(ii) CRE 1.00

(iii) Non-CRE 0.40

Sub Standard Assets 15.00

Doubtful –

(i) Category - I 25.00

(ii) Category - II 40.00

(iii) Category - III 100.00

Loss Assets 100.00

6. The amounts received from the borrowers is first appropriated to Other Expenses incurred ontheir behalf, thereafter towards Interest dues and lastly towards Principal amount except in regardto units sold under Section 29 of the SFCs Act, 1951, where sale proceeds received is firstappropriated to Other Expenses incurred on behalf of the borrowers, thereafter towards principaland lastly to Interest. Receipts under One Time Settlement (OTS) which is apportioned in the orderof Principal, Other Expenses incurred on behalf of the borrowers and lastly towards Interest dues.(AS 9).

Category of Assets Provisions to be made in % age


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Fixed Assets

Depreciation

Investments

Retirement Benefits

Others

7. (a) The fixed assets are carried at cost of acquisition and other expenses incurred till such assetsare put to use less depreciation. ( AS 10 )

(b) The Fixed Assets held by the Corporation have been physically verified by the process ofconducting the Internal Audit done by the Corporation's Official.

8. Depreciation on fixed assets has been provided for on written down value method and at the ratesprescribed and applicable for the year under the Income Tax Act, 1961. The Corporation has beencharging depreciation on additions made during the 2 half of the accounting year at half theapplicable rate while depreciation at full rates has been charged on additions made during thefirst half of the accounting year. (AS 6)

9. Investments are stated at cost.

10. The Corporation contributes to the Provident Fund which is administered by duly constitutedand approved independent Trust by the name of AFC Employees' Provident Fund Trust andsuch contributions are charged against revenue every year.

11. Gratuity of employees is covered under Group Gratuity Scheme of LICI. The Corporation'sannual contribution under the group gratuity scheme is based on the actuarially determineddemand of LIC of India. (AS 15)

nd


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Schedule 'N'

NOTES ON ACCOUNTS

1. The Corporation has prepared a Cash Flow Statement for the year as per AS 3

2. There is a contingent liability on account of pending appeal in respect of demand of 12,46,435.00by Income Tax Department for the Assessment Year 1989-90.

3. Provision on Non-Performing Assets (NPAs) and Standard Assets as on 31.03.2015 is made inaccordance with the guidelines on Asset Classification and Provisioning norms issued by SmallIndustries Development Bank of India (SIDBI).

4. The contingent provision of 19.29 lakh being provision for Standard Assets is shown underCurrent Liabilities & Provisions in Schedule 'D'.

5. The asset category-wise details of the outstanding loan balances and the total provision made ason 31.03.2015 is as follows :

`

`

(Rupees in Lakh)

6. Letters seeking confirmation of outstanding balances in loan accounts were sent by theCorporation to borrowers. Confirmations are received from some of the borrowers. However,those who have not returned and confirmed the balance, it is assumed that the Balances asintimated by the Corporation are correct.

7. The Corporation operates as a single profit centre and has concentrated its activity of term lendingonly, on single product. (AS 17)

8. The following key management Personnel of the Corporation drew the salaries and otherpayments from the Govt. of Assam from the date of holding such charges as they were alsoholding charges in the offices of the Govt. of Assam during the year as shown against their namesin addition to the charges of the Managing Director of the Corporation.


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Names Held additional charges of

i. Shri R. C. Jain, IAS Secretary, Elementary Education & Secondary EducationDepartment, Govt. of Assam.

ii. Shri Debeswar Malakar, IAS Additional Secretary, Finance Department, Govt. of Assamand Secretary, Assam State Vigilance Commission, Govt. ofAssam.

Other payments are shown under Personnel Expenses and Administrative Expenses in Schedule'K' and 'L' respectively. (AS 18)

9. No provision has been made on the outstanding balances related to various staff advances as theyare considered to be fully secured.

10. An amount of 49,208.00 during 2002-2003 and 42,624.00 during 2003-04 aggregating 91,832.00was cash embezzlement by two nos of the employees of the Corporation against whom necessarydepartmental action has been undertaken and the embezzled amount of one employee is keptunder the head “Suspense Account”. As the other employee who filed Appeal Petition in theCourt withdrew the case; the litigated amount of 51,011.00 has been transferred and added to“Suspense Account”. Against this amount a total amount of 99,300.00 has been recovered fromtheir salary up-to 31.03.2015 and the balance amount of 43543.00 is appearing under the head“Suspense Account” in the Balance Sheet of even date (Schedule – I).

11. The Corporation has been selected for implementation of the Chief Minister's Micro FinanceScheme, 2009 and the Govt. of Assam has released a fund of 1000.00 lakh for this purpose. Duringthe year, the Corporation has sanctioned 227.76 lakh and disbursed 282.76 lakh for microfinance activities.

12. The Govt. of Assam has also released a sum of 400.00 lakh to the Corporation towardsinvestment in implementation of Venture Capital Fund Scheme. During the year no sanction anddisbursement was made under this scheme.

13. The Corporation has taken up non-fund based activities like Capital Investment Appraisal of selffinanced projects for Central Capital Investment Subsidy under NEIIPP-2007 as per the guidelineof the Ministry of Commerce & Industry, Govt. of India and preparation of Project Reports atconcessional rate to augment additional revenue.

14. Credit of MAT available with Income Tax Department 38,02,535.00 since F.Y. 2007-2008 arepending for assessment by the Tax authority.

15. Arrear on Pay & Allowances arising due to revision of pay scales could not be ascertained andprovided for in the books of account as the matter is sub-judice.

16. Accrued liability on account of Leave Encashment Benefits on retirement is not determined andnot provided for.

17. Previous year's figures have been regrouped/re-arranged wherever necessary to conform to thecurrent year's presentation.

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ASSAM FINANCIAL CORPORATION

DISCLOSURE REQUIREMENT AS PER SIDBI GUIDELINESSTATEMENT OF NET CAPITAL BASE AND NET RISK WEIGHTED ASSETS.


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(Rupees in Lakh)


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Sd/-For Apurba Banerjee & Co.

Chartered Accountants(FRN : 314106 E)

Sd/-Apurba Banerjee

ProprietorMRN : 051628

Sd/-

Place : Guwahati (R.C.Dutta) (I. Haque, IAS)Date :15th June, 2015 ManagingDirector ,I/C Director

For and on behalf of Board of Directors

SOURCES AND USES OF FUND(Rs. In Lakhs)


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STATISTICAL ANNEXURES

INDEX TO ANNEXURE

1 Office-wise position of Loan Applications Received and

Disposed off during 2014-15

1.1 Statement of applications for Loan, Received, Sanctioned , Pending, etc A-1

1.2 Statement of office wise application for Loan Received, Sanctioned,Pending up to 31-03-2015

1.3 The Comparative Position of Loan Applications dealt with by theCorporation during the last three (3) Financial Years

1.4 Age-wise position of Applications Pending as on 31st March, 2015 A-4

1.5 Loan Sanctioned by Different Authorities during last 3 years A-5

1.6 State-wise Sanction of Loans during last 3 years A-6

1.7 Size-wise Classification of Loan during last 3 years A-7

1.8 The Corporation Net Effective Sanction, Disbursement andOutstanding of Loans and Advances since inception till 31.03.2015

1.9 Financial Assistance under Different Scheme A-9

1.10 Statement of Breakup of Disbursement and comparativeposition of disbursement of term Loan to effective sanctionduring last three years

1.11 Statement showing Branch-wise Balance outstanding ofRegular cases in last 3 years

2 Amount-wise Classification of Loans and Advances as on 31.03.2015 B

3 Industry-wise Classification of Loans and Advances as on 31.03.2015 C

4 State-wise Classification of Loans and Advances as on 31.03.2015 D

5 Constitution-wise Classification of Loans And Advances as on 31.03.2015 E

6 Statement showing the Lag between Sanction and Disbursement ofLoans during the last three (3) years

7 The Defaulted unit of the Corporation as on 31.03.2015 G

7.1 Position of Repayment of Principal and payment of G-1

8 Age-wise Analysis of Arrears as on 31.03.2015 H-a

8.1 Amount-wise Analysis of over dues as on 31.03.2015 H-b

9 Sector-wise Beak-up of overdue as on 31.03.2015 I

10 Industry-wise Classification of overdue as on 31-03.2015 J

11 State/District-wise overdue Position as on 31.03.2015 K

12 Particulars in respect of Loans and Advances Referred L

13 Micro Finance Operation

A

A-2

A-3

A-8

A-10

A-11

F

Interest as on 31.03.2015

(Excluding Suit Filed Cases)





to in the Balance Sheet

ANNEXURE


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2014-2015

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THE COMPARATIVE POSITION OF LOAN APPLICATIONS DEALT WITH BY THE CORPORATIONDURING THE LAST 3 (THREE) FINANCIAL YEARS

in lakhs`

ANNEXURE-A-3

AGE-WISE POSITIONS OF APPLICATIONS PENDING AS ON 31 MARCH,2015ST

ANNEXURE-A-4

in lakhs`

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LOAN SANCTIONED BY DIFFERENT AUTHORITIES DURING LAST 3 YEARS

in lakhs`

ANNEXURE-A-5

STATE WISE SANCTION OF LOANS DURING LAST 3 YEARS

in lakhs`

ANNEXURE-A-6

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SIZE-WISE CLASSIFICATION OF LOANS DURING LAST 3 YEARS

in lakhs`

ANNEXURE-A-7

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THE CORPORATION'S NET EFFECTIVE SANCTION , DISBURSEMENT ANDOUTSTANDING OF LOANS AND ADVANCES SINCE INCEPTION

TILL THE 31 MARCH, 2015ST

in lakhs`

ANNEXURE-A-8

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FINANCIAL ASSISTANCE UNDER DIFFERENT SCHEMES

in lakhs`

ANNEXURE-A-9

57


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DISBURSEMENT

ANNEXURE-A-10

COMPARATIVE POSITION OF DISBURSEMENT OF TERM LOAN TO EFFECTIVE SANCTIONDURING THE LAST THREE YEARS

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AMOUNT -WISE CLASSIFICATION OF LOANS ANDADVANCES AS AT 31 MARCH,2015

ST

in lakhs`

ANNEXURE-B

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INDUSTRY-WISE CLASSIFICATION OF LOANS AND ADVANCES AS AT 31 MARCH,2015ST

in lakhs`

ANNEXURE-C

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STATE-WISE CLASSIFICATION OF LOANS AND ADVANCESAS AT 31 MARCH,2015

ST

in lakhs`

ANNEXURE-D

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STATEMENT SHOWING THE LAG BETWEEN SANCTION & DISBURSEMENTOF LOANS DURING LAST THREE YEARS

in lakhs`

ANNEXURE-F

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THE DEFAULTED UNIT OF THE CORPORATION AS ON 31 MARCH,2015ST

in lakhs`

ANNEXURE-G


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AGE-WISE ANALYSIS OF ARREARS AS AT 31 MARCH,2015(EXCLUDING SUIT FILED CASES)

ST

in lakhs`

ANNEXURE-H-a

AMOUNT-WISE ANALYSIS OF ARREARS AS AT 31 MARCH,2015(EXCLUDING SUIT FILED CASES)

ST

ANNEXURE-H-b


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in lakhs`

SECTOR-WISE BREAK-UP OF ARREARS AS ON 31-03-2015(EXCLUDING SUIT FILED CASES)

in lakhs`

ANNEXURE-I


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in lakhs`

ANNEXURE-J


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INDUSTRY-WISE CLASSIFICATION OF OVERDUE AS ON 31-03.2015(EXCLUDING SUIT FILED CASES)

STATE/DISTRICT-WISE OVERDUE POSITION AS ON 31.03.2015(EXCLUDING SUIT FILED CASES)

in lakhs`

ANNEXURE-K


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in lakhs`

ANNEXURE-L


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PARTICULARS IN RESPECT OF LOANS AND ADVANCES REFERRED TO IN THE BALANCE SHEET


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MICRO FINANCE OPERATION

STATEMENT OF APPLICATIONS FOR LOAN RECEIVED , SANCTIONED, PENDING ETC

in lakhs`

STATEMENT OF APPLICATIONS FOR LOAN RECEIVED, SANCTIONED,PENDING ETC. UP TO 31-03-2015

in lakhs`

ANNEXURE-A-1

ANNEXURE-A-2


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THE COMPARATIVE POSITION OF LOAN APPLICATIONS DEALT WITH BY THECORPORATION DURING THE LAST 3 FINANCIAL YEARS

in lakhs`

AGE-WISE POSITIONS OF APPLICATIONS PENDING AS ON 31 MARCH,2015ST

in lakhs`

ANNEXURE-A-3

ANNEXURE-A-4


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LOAN SANCTIONED BY DIFFERENT AUTHORITIES IN LAST 3 YEARSin lakhs`

SIZE WISE CLASSIFICATION OF LOANS DURING LAST 3 YEARS

in lakhs`

ANNEXURE-A-5

ANNEXURE-A-6


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AMOUNT WISE CLASSIFICATION OF LOANS AND ADVANCES AS ON 31-03-2015

in lakhs`

ANNEXURE-B


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DISTRICT WISE CLASSIFICATION OF LOANS AND ADVANCES AS ON 31-03-2015

in lakhs`

ANNEXURE-C


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CONSTITUTION WISE CLASSIFICATION OF LOANS AND ADVANCES AS ON 31-03-2015

in lakhs`

YEAR WISE BREAK UP OF DUES AND RECOVERY POSITION SINCE INCEPTION UP TO 31-03-2015

in lakhs`

YEAR WISE BREAK UP OF MICRO FINANCE BENEFICIARIESASSISTED SINCE INCEPTION UP TO 31-03-2015

ANNEXURE-D

ANNEXURE-E

ANNEXURE-F


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-GAnnual Report

2014-2015

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60thAnnual General Meeting of AFC held on 31 July. 2014

st

Some moments of Cultural Programme on 62nd

Foundation Day Celebration on 19-04-2015

AFC's participation in the Govt. Programme held on 24-05-2015 to 27-05-2015

AFC's participation in the Govt. Programmeheld on 24-05-2015 to 27-05-2015

A moment of felicitation from the Hon'ble Chief Secretary, Assam forAFC's participation in the Govt. programme held on 24-05-2015 to 27-05-2015

Printed at Brahmaputra Offset, M.C. Road, Guwahati-3, Phone : 94351 48982

HEAD OFFICEVittiya Bhavan

M. S. Road, PaltanbazarGuwahati - 781008. AssamTel: 0361-2739839/2633658

fax : 0361-2519859Email:[email protected] &

[email protected]: www.afconline.gov.in

Annual Report 2014-2015

Documents

A Moment of felicitation of some successful entrepreneurs ...afconline.gov.in/document/ar_2014-15.pdf · Increase in the standard loan portfolio and continuous effort put by the AFC